JENNIFER CONVERTIBLES RECEIVES REBUTTAL TO INDEPENDENT COMMITTEE REPORT.WOODBURY, N.Y., APRIL April: see month. 10, 1995--(BUSINESS WIRE)--Jennifer Convertibles, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : JENNE) today announced that its Board of Directors has received a detailed confidential response to the report prepared by a former board member, Michael Colnes. As previously announced, Colnes, who had been authorized to report to the full board, had reviewed certain business practices and transactions between the public company and an affiliated private company that owns 24 Jennifer Convertibles Jennifer Convertibles Inc. ((AMEX:JEN)) is the owner and licensor of sofabed specialty retail stores and leather specialty retail stores in the United States, with stores located throughout the Eastern seaboard, in the Midwest, on the West Coast and in the Southwest. stores in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and provides warehouse and other services to the Company and its licensees, and had asserted that there are claims against the affiliate private company, agents of that company, and the three current or former principals of the private company. The response to the Colnes report, which was prepared on behalf of Harley Greenfield, Chairman of the Board, President, and Chief Executive Officer of Jennifer Convertibles, Inc., by the law firm of Skadden, Arps, Slate, Meagher & Flom and Ten Eyck Ten Eyck may refer to: People:
consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a headed by Ernest Ten Eyck, formerly an assistant chief accountant at the Securities and Exchange Commission, concludes that there are no such claims. The response concludes, among other things, "Based upon its unrestricted review of the books and records of both the private company and the public company . . . Ten Eyck found nothing in the public company- private company relationship that appears to be improper or reflects adversely on the integrity of the senior management of the public company, including Mr. Greenfield." The Board of Directors of Jennifer Convertibles is continuing to review and evaluate both the Colnes report and the response and will ultimately determine what action, if any, is appropriate. Jennifer Convertibles, Inc. currently operates 188 stores including 52 Company-owned and 101 licensed Jennifer Convertibles, 33 Jennifer Leather, and 2 Elegant Living stores throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . CONTACT: Media Investors Michael Freitag Donald Radcliffe Kekst and Company Radcliffe & Associates, Inc. (212) 593-2655 (212) 605-0534 |
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